Nigeria’s NOC NNPC has signed an agreement with partnered oil majors to cut deadlines on contract negotiations from three years to six months

Nigeria shortens oil and gas contract negotiations

ABUJA, September 26, 2023 – Nigeria’s NOC NNPC has signed an agreement with partnered oil majors to cut deadlines on contract negotiations from three years to six months, Reuters reported on Monday.

The agreement was signed with companies operating joint ventures with the NOC, including Shell, Chevron, Eni, ExxonMobil and TotalEnergies.

According to President Bola Tinubu, international oil and gas companies have committed short-term investments of USD 13.5 billion to raise production to 2.1 million bpd by December 2024.

At the beginning of September 2023, NNPC’s CEO Mele Kyari said that Nigeria was producing 1.67 million barrels of oil and condensate per day.

According to the National Bureau of Statistics, the country produced an average of 1.22 million bopd in Q2 2023.

In Q2 2023, Nigeria’s oil sector contracted by 13.43%, with Reuters highlighting underinvestment, crude-oil theft and vandalism as the main reasons.

Nigeria remains Africa’s top oil producer.

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